Tesla gives first snippet at cheaper Model 3 Sedan electric car

Tesla, Electric automaker has produced a Model 3 Sedan that is intended to be sold at a price range within the purchase power of upper middle and middle class Americans.

CEO Elon Musk tweeted photos of the car, late Saturday, which will cost $35,000 US and can travel 350 kilometers on a single electric charge.

The new model comes following an awful week at Tesla’s stock price.

Shares fell about 14 percent after Musk tweeted that conveyances of the company’s other two models, the Model S car and Model X SUV, were at the low-end of the company’s projections in the first half of this current year.

Musk said it will build to a rate of 20,000 cars a month by December. He earlier said that Tesla would by December make 10,000 Model 3s per week.

He additionally said that Tesla plans to give out 30 cars on July 28 to customers at a party.

According to twitter posts from Musk, they will make 100 cars for the month of August and bring in another 1500 cars in September.

The company was 12 percent below its first quarter deliveries and despite the increase of 53 percent a year prior in second quarter deliveries.

The company said in a statement that second quarter production was hampered by a serious deficiency of battery packs. Production averaged 40 percent not as much as demanded until early June.